Textile Industry which play main role in Bangladesh

One of most important thing in Bangladesh which plays main role in our economy that is our Textile Industry. Today e-Learningbd.com Team are connected with Mr. Sad Abdul Wasea, presenting here Textile Industry which play main role in Bangladesh .

The textile industry of Bangladesh has a stylish name all over the world. Textile industries provide the single source of profitable growth in Bangladesh’s quickly developingeconomy. The textile business will see more growth and will dominate in the world market like America, Europe, Australia and Africa sub continental. Textile industry is the biggest export-earner in Bangladesh.

Exports of garments and textiles are the main source of foreign exchange earnings. By 2002 exports of textiles, clothing, and ready-made garments (RMG) accounted for 77% of Bangladesh’s total merchandise exports. There are almost 3 million people working in the textile industries as low level, mid level and top level workers. 90% of the total textile workers are female. Citizens of the country own most of the textile industries of Bangladesh. There are hardly any 100% foreign owned textile industries. By 2013, about 4 million people, mostly women, worked in Bangladesh’s $19 billion-a-year industry, export-oriented ready-made garment (RMG) industry. Only 5% of textile factories are owned by foreign investors, with most of the production being controlled by Leading textile companies of the country are Beximco textiles, Hameem group, Square Group, Nassa-Taipe, Regency garments CTG, Renaissance Apparels, Nassa Taipei Textile, Sinha Medlar Group, Palmal Garments, Monno Fabrics, Fakir Group, Viyellatex group, Epyllion, Noman group etc.

History of textile

Pakistan period 1947 to 1971 the textile industry most industries in East Pakistan were mainly owned by West Pakistanis. That period local Bengali entrepreneurs had set up their own large textile and jute factories in East Pakistan. Until the liberation of Bangladesh, the textile sector was mainly part of the process of import substitution industrialization (ISI) to replace imports. After the liberation, Bangladesh adopted export-oriented industrialization (EOI) by focusing on the textile and clothing industry, particularly the readymade garment (RMG) sector.

In 1972 the government taking over privately owned textile factories and creating a state-owned enterprise (SOE) called Bangladesh Textile Mills Corporation (BTMC). The BTMC never managed to match the pre-1971 output and in each year after the 1975–1976 fiscal years, lost money. Until the early 1980s the state owned almost all spinning mills in Bangladesh and 85% the textile industry’s assets. Under the 1982 New Industrial Policy (NPI) a large number of these assets including jute mills and textile mills were privatized and returned to their original owners.

The export-oriented

The Export of Garments Products is a vital matter of Garment Industry. It increases the chance for private enterprise development in garment sector. It helps the unemployed people as well as the government to remove unemployment problem. Also play an important role in the economic development of the country. The overall approach of the report is to focus on the Export Import Activities of Garments Products strategy and the way by which it attracts the foreign customers to sale products abroad. Export process provides to increase the reputation after the liberation. The domestic market for readymade garment was virtually nonexistent in Bangladesh. In addition to economic contribution, the expansion of the RMG industry has caused noticeable social changes.

Role of BGMEA in Bangladesh

Bangladesh Garment Manufacturers and Exporters Association (BGMEA) is a familiar trade body that represents export oriented garment manufacturers and garment exporters of the country. The fundamental objective of BGMEA is to establish a healthy business environment for a close and mutually beneficial relationship between manufacturers, exporters and importers, thereby ensuring steady growth in the foreign exchange earnings of the country.

Growth and Current Status

The export of readymade garment is in the region of US$ 5.00 billion annually. Initially the export was based on imported fabric; however, the local fabric has been making steady progress in the last few years. Currently exports using local fabric are in the region of US$ 2.00 billion of which US$ 1.4 billion is retained within the country. This is a substantial contribution of the textile and garment industry to the national exchequer.

In addition, the domestic market has been growing both in consumption and in population. In the past when there were a few small and medium scale mills, the domestic market was dependent on imported yarn and fabric. Currently the local industry meets over 90% of the domestic consumption. A lot of products of very specialized nature required to meet the growing and diversified demand of the consumers are now being produced and mills are working together with designers/artisans producing such products.

The entrepreneurs of Bangladesh who were hitherto not familiar with the export trade as well as the level of quality consistency, delivery, commitments, etc. took this as a very strong challenge and have transformed themselves from a local seller to an exporter of international standard. In the process they have developed quality control culture, achieved high productivity, met production and delivery schedules and have been continuing efforts to fit into the profile of a preferred supplier to meet the ever increasing/changing demands of international market.

Buyers in Bangladesh

Textile industry sector is the rapid growing sector in Bangladesh. A lot of peoples are involved with this sector in Bangladesh. The quality of the garments is higher than the other garment producing countries. Bangladesh exports their garment products in the most of the major economics countries. Most of the garment buyers are came from USA, UK, Entire Europe and Australia. Bangladeshi garment products exports all over the world. Below listed the top buyers of garment products from Bangladesh.

The textile industry provide the economic growth in Bangladesh’s rapidly developing economy. Exports of textiles are the principal source of foreign exchange earnings. Today the apparel export sector is a mufti-billion-dollar manufacturing and export industry in the country. The overall impact of the textile garment exports is certainly one of the most significant social and economic developments in contemporary Bangladesh.